§ 322. — Determination on application.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC322]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
Sec. 322. Determination on application
In acting upon such applications the Board of Governors of the
Federal Reserve System shall consider the financial condition of the
applying bank, the general character of its management, and whether or
not the corporate powers exercised are consistent with the purposes of
this chapter.
(Dec. 23, 1913, ch. 6, Sec. 9 (par.), as added June 21, 1917, ch. 32,
Sec. 3, 40 Stat. 233; amended Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704.)
Codification
Section is comprised of the fourth par. of section 9 of act Dec. 23,
1913, as amended. The fourth par. constituted the second par. of section
9 in 1917 (40 Stat. 232), became the third par. in 1927 (44 Stat. 1229),
and became the fourth par. in 1950 (64 Stat. 458). For further details,
see Codification note set out under section 321 of this title.
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve
Board to Board of Governors of the Federal Reserve System.
